When the time eventually comes to begin to move away from emergency settings of policy, any such move would be gradual.

The degree of stimulus will remain exceptional for some time.

The "emergency settings of policy" he refers to include interest rates at their current record lows.

In fact, Dr Carney goes on to say the economy is still damaged after the financial crisis to the extent that "even in the medium term, the level of interest rates necessary to sustain low unemployment and price stability will be somewhat lower than before the crisis.”

Generally, when the Bank uses the words "medium term" it means two-three years.

This is the latest attempt by the Bank to substitute forward guidance tied to unemployment to something else.